Yushu Technology IPO strategic placement exposure: DeepSeek received 93 allocations

Yushu Technology IPO strategic placement exposure: DeepSeek was allocated 933,000 shares, locked for 36 months On the evening of August 6, Yushu Technology Co., Ltd., the "first humanoid robot stock", disclosed the IPO issuance price and strategic allotment results. Hangzhou Deep Search Artificial Intelligence Basic Technology Research Co., Ltd. (DeepSeek) was allotted 933,399 shares. Calculated based on the issuance price of 150.8 yuan/share, the subscription amount was approximately 141 million yuan, and the share lock-up period was 36 months. According to the announcement, the targets of Yushu Technology's strategic placement mainly include long-term investment institutions, large enterprises with strategic partnerships or long-term cooperation visions with the company's business, subsidiaries invested by the sponsors of the Science and Technology Innovation Board, and special asset management plans established with the participation of the company's senior managers and core employees. Among them, DeepSeek, as a company that has a strategic cooperative relationship with Yushu Technology, received 2.31% of the shares allocated in this issuance. In addition to DeepSeek, Tencent's Shanghai Qishan Investment Co., Ltd. was allocated 903,290 shares, with a subscription amount of approximately 136 million yuan. The lock-in period is 36 months from the date when Tencent Technology (Shanghai) Co., Ltd. first obtains the issuer's shares, and 12 months from the date of the initial public offering of Yushu Technology, whichever is later. In terms of employee strategic allotment, Yushu Technology's employee asset management plan No. 1 was allocated 1.3561 million shares, accounting for 3.35% of the issued number, with a lock-up period of 12 months; the employee asset management plan No. 2 was allocated 444,297 shares, accounting for 1.1% of the issued number, with a lock-in period of 36 months. Among them, a total of 159 core employees participated in the Employee Asset Management Plan No. 1, and a total of 12 senior managers and core employees participated in the Employee Asset Management Plan No. 2. According to the announcement, after the issuance of Yushu Technology is completed, the total share capital will reach 404.46434 million shares. Based on the issuance price of 150.8 yuan/share, the company’s issuance market value is approximately 60.9 billion yuan. This issuance is expected to raise a total of approximately 6.099 billion yuan, and the net amount after deducting issuance expenses is approximately 5.917 billion yuan. The announcement also reminded that the issuance price corresponds to the company's diluted static price-to-sales ratio in 2025 of 35.89 times, which is higher than the average level of comparable companies in the same industry; the diluted price-to-earnings ratio calculated on the lower caliber before and after deducting non-recurring gains and losses is 219.23 times, which is higher than the industry's recent average static price-to-earnings ratio. Investors need to pay attention to the risk of stock price fluctuations after listing. As a benchmark case for applying the pre-review mechanism, Yushu Technology’s IPO took just over 100 days from being accepted on March 20, to passing the review on June 1, to registering and taking effect on July 2. The participation of DeepSeek, Tencent and other institutions in the strategic placement also reflects the capital market’s growing interest in embodied technology in the context of the integration of artificial intelligence and robotics industries.